The Cabinet has approved proposals to amend the National Social Security Fund (NSSF) Act that will see those employed in the formal and informal sectors save with the Fund.
The amendment was drafted by the Minister of State for Housing Dr. Chris Baryomunsi, who avers that the amendment will provide the basic social guaranteed benefits and create an environment in which NSSF investment decisions can be made efficiently.
“In case it is amended, it will provide an opportunity of transforming the Fund from a Provident Fund offering lump sum benefits to a hybrid scheme offering both lump sum and pensions,” Dr. Baryomunsi was quoted as saying during a cabinet meeting held at State House.
During the same meeting Dr. Baryomunsi was also tasked to prepare for the tabling of the Roads (Amendment) Bill, 2017 before Parliament.
He said the bill is aimed at reforming the law relating to the development, management and maintenance of public roads and providing for classification of roads and, control and protection of road reserves.
“When passed into law, it (Act) will provide for road safety, offenses and penalties, among others,” Dr. Baryomunsi said, further noting that once road Bill is enacted, the Roads Act will be repealed.